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Getting To Know an Old Friend: CUNA Meets With Abernathy

WASHINGTON-Credit unions are getting to know an old friend all over again. CUNA recently met with Wayne Abernathy in his new post as Treasury assistant secretary for financial institutions. He previously served as the Senate Banking Committee's Republican chief of staff and had been on retiring Senator Phil Gramm's (R-Texas)...

By Staff Writer | Updated on December 31, 2002

WASHINGTON-Credit unions are getting to know an old friend all over again. CUNA recently met with Wayne Abernathy in his new post as Treasury assistant secretary for financial institutions. He previously served as the Senate Banking Committee’s Republican chief of staff and had been on retiring Senator Phil Gramm’s (R-Texas) staff for several years. “CUNA had worked closely with him for years,” CUNA Associate General Counsel Mary Dunn explained. “It was a `meet and greet’ in a sense in his new capacity,” CUNA Vice President and Senior Legislative Counsel Gary Kohn followed up. Credit union issues discussed at the meeting included the member business lending cap, modifications to PCA as it applies to credit unions, alternative capital, financial literacy, and remittances among other things. CUNA also pushed for Treasury to issue guidance on Section 326 of the U.S.A. PATRIOT Act (customer/member identification requirements) to clear up the current state of uncertainty. Dunn commented that those who met with Abernathy from CUNA were “impressed” with his depth of understanding of credit union issues. “It’s too soon to characterize what his views are other than to say they’re very favorable to credit unions, very understanding, very sympathetic to credit unions,” Kohn said. NAFCU, which also has a long-term relationship with Abernathy, has a meeting scheduled for Jan. 3.

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